The project consists of an EBRD loan to the city of St Petersburg to upgrade the hazardous waste disposal site of "Krasny Bor".
The EBRD’s loan will finance part of the city's environmental action programme, which aims to:
- upgrade the hazardous waste disposal site in Krasny Bor and extend its lifetime until an alternative hazardous waste disposal facility is developed; and
- improve the institutional framework for hazardous waste management.
The project supports St Petersburg’s continued commitment to sound financial management, restructuring the municipal sector and increasing environmental awareness. It will have a considerable impact on the develop-ment of the private sector through the improvement of the operational environment. Krasny Bor has been identified by the countries bordering the Baltic as an "environmental hot spot", requiring priority action.
As well as being unacceptable from a worker health and safety point of view, the current operation poses a major threat to soil, groundwater and surface water. Upgrading of Krasny Bor is urgently required. The project will finance the major components of the upgrading and will provide the means for improving the regulatory framework and enforcing environmental law. The project will therefore provide considerable environmental and public health benefit not only to St Petersburg but also to the region as a whole.
The city of St Petersburg
US$ 5.5 million loan to the city of St Petersburg. The Bank’s loan will be used predominantly for investments at the only official hazardous waste disposal site ("Krasny Bor") for industrial companies located in the city of St Petersburg and the Leningrad region. Krasny Bor is operated by a state unitary enterprise, which is a budgetary unit of the city of St Petersburg.
US$ 10.2 million (€11.3 million)
The project aims to improve unacceptable environmental and public health and safety conditions at the Krasny Bor facility and within its catchment area. Work will focus on site rehabilitation and overall improvement of local waste management practises. The project has been classified as B 1, requiring an Environmental Analysis and an Environmental Audit. Extensive environmental due diligence work has already been carried out and project development and implementation will take these findings into account. The project includes provisions for a public awareness campaign which will be the basis for consultation with all relevant stakeholders.
Grants of US$ 3-4 million are expected from international donors.
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